资料图。本文来源：新浪科技 腾讯2025Q2业绩电话会议高管解读财报（附问 答） 8月13日，腾讯控股发布了截至6月30日的2025年第二季度财报：营收为1845亿元，同比增长 15%。权益持有人应占利润为556亿元，同比增长17%。非国际财务报告准则下，权益持有人应 占利润为631亿元，同比增长10%。 财报发布后，腾讯董事长兼CEO马化腾、总裁刘炽平、首席战略官詹姆斯·米歇尔（James Mitchell）及CFO罗硕瀚等公司高管召开了财报电话会议，解读财报要点，并回答分析师提问。 以下为腾讯高管解读财报要点： 黄文迪： 大家好，晚上好。感谢您的收看。欢迎参加腾讯控股有限公司2025年第二季度业绩发 布会。我是腾讯投资者关系团队的黄文迪。 请注意，今天的网络研讨会正在录制中。 在开始演示之前，我们想提醒您，本演示包含前瞻性陈述，这些陈述包含诸多风险和不确定 性，并且由于各种原因，未来可能无法实现。有关一般市场状况的信息来自腾讯以外的各种来 源。本演示还包含一些未经审计的非国际财务报告准则 (Non-IFRS) 财务指标，这些指标应作为 对根据国际财务报告准则 (IFRS) 编制的集团财务业绩指标的补充，但 ...

瓦手游的热度并不低，自正式上线以来，一直在AppStore 的游戏免费榜榜首赖着不走。 在游戏畅销榜上，它基本保持在 6-8 名。 别觉得这个名次低，排在它前边的都是经久不衰闻名中外的老将：《王者荣耀》、《和平精英》、《地下城与勇士》手游、《三角洲行动》、《无尽冬 日》。 作为一个非 pay to win 的游戏，瓦手游对氪金的需求并不算大，目前的这个成绩，已经相当令人满意了。 2025 年 10 月，网易的英雄射击手游《天启行动》宣布停运，这款曾被寄予厚望的作品，上线 45 天后就遗憾退场。 现在 10 个月过去了，腾讯的英雄射击手游《无畏契约：源能行动》（下简称瓦手游）姗姗来迟。很难不让人关注一下，它究竟是会延续端游的火热，还 是跟《天启行动》一样暴毙。 游戏的玩法就是对端游的复刻，角色、枪械、地图等各种各样的设计，都是从《无畏契约》那边搬过来的。 在比较基础的操作上，瓦手游和其他 FPS 手游没啥区别，都是左边控制移动，右边大拇指能者多劳，控制开火、换弹、跳跃、下蹲、释放技能、信息交 流等杂七杂八的东西。 不过在一些比较进阶的操作上，为了适配移动端，游戏做了挺多优化。 其他 FPS 在移动瞄准射击这块一 ...

证 券 研 究 报 告 传媒行业周观察（20250818-20250822） 关注中报超预期标的及港股流动性变化，看 推荐（维持） 好后续游戏、AI、IP、影视行情 【市场观点】 行业研究 传媒 2025 年 08 月 25 日 华创证券研究所 证券分析师：刘欣 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：王世豪 邮箱：wangshihao@hcyjs.com 执业编号：S0360525070005 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 140 | 0.02 | | 总市值(亿元) | 18,810.16 | 1.63 | | 流通市值(亿元) | 17,127.16 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 12.1% | 11.1% | 81.8% | | 相对表现 | 5.8% | 1.0% | 49.7% | -5% 24% 53% 82% 24/08 24/11 25/01 25/03 ...

中国游戏市场：2025 年 7 月游戏市场收入同比增长 4.62%，环比增长8.14%。 全球游戏市场：市场收入同比下降，《崩坏：星穹铁道》跃居增长榜榜首。 2025 年 7 月，全球手游玩家在 App Store 和 Google Play 付费 307 亿元，同比下降 9.33%，收入占比前 三分别为美国、中国及日本；7 月共有 32 家中国厂商跻身全球手游发行商收入榜 TOP100，合计收入 19.50 亿美元，占 TOP100 发行商总收入的 34%。在全球手游收入增长榜方面，《崩坏：星穹铁道》 《DRAGON BALL Z》与《三角洲行动》分列前三。 榜单：游戏收入榜呈头部垄断，腾讯系游戏表现优异。 1）中国整体游戏市场：实际销售收入 290.84 亿元，环比增长 8.14%，同比增长 4.62%。 2）移动游戏市场：实际销售收入为 213.60 亿元，环比增长6.36%，同比增长 0.92%。由于次新品、成 熟产品表现强劲，部分热门手游通过新赛季、IP 联动等活动吸引玩家，市场实现同比、环比稳定增 长。 2025 年 7 月，中国区 App Store iPhone 端游戏收入榜 TOP10 中， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 22 日 星期五 移动端次新品、成熟产品表现优异，游戏市场 7 月环比增长 8.14% | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,771.10 | 0.13% | | 深证成指 | 11,919.76 | -0.06% | | 沪深 300 | 4,288.07 | 0.39% | | 科创 50 | 1,149.15 | 0.09% | | 创业板指 | 2,595.47 | -0.47% | | 上证 50 | 2,862.18 | 0.53% | | 上证 180 | 9,392.97 | 0.52% | | 上证基金 | 7,043.02 | 0.01% | | 国债指数 | 225.07 | -0.02% | | [Table_InterIndex] | 国际市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 ...

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the broader market index in the next six months [31]. Core Insights - The Chinese gaming market saw a revenue of 29.084 billion yuan in July 2025, reflecting a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9][11]. - The mobile gaming sector generated 21.36 billion yuan in July, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, driven by strong performances from new and mature products [11][12]. - Globally, mobile game revenue decreased by 9.33% year-on-year, with July 2025 revenues totaling approximately 30.7 billion yuan [13][14]. - Tencent's games dominated the Chinese App Store's top revenue rankings, holding seven of the top ten spots, with titles like "Honor of Kings" and "Peacekeeper Elite" leading the charge [20][19]. - Chinese self-developed games saw overseas revenue of 1.693 billion USD in July, marking a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. Summary by Sections 1. Chinese Gaming Market - The overall gaming market in China achieved a revenue of 29.084 billion yuan in July 2025, with a year-on-year growth of 4.62% and a month-on-month growth of 8.14% [9]. - The mobile gaming market's revenue reached 21.36 billion yuan, with a month-on-month increase of 6.36% and a year-on-year increase of 0.92%, supported by strong performances from new and established titles [11][12]. 2. Global Gaming Market - The global mobile gaming market experienced a revenue decline of 9.33% year-on-year, with July revenues at approximately 30.7 billion yuan [13][14]. - "Honkai: Star Rail" topped the global revenue growth chart, benefiting from significant updates and player engagement [15]. 3. Revenue Rankings - Tencent's games occupied seven positions in the top ten revenue rankings on the Chinese App Store, with "Honor of Kings" and "Peacekeeper Elite" among the top earners [20][19]. - The top three Chinese game publishers in global revenue rankings were Tencent, Point Interactive, and NetEase, with Tencent leading the charge [19]. 4. Overseas Revenue - Chinese self-developed games generated 1.693 billion USD in overseas markets in July, reflecting a year-on-year increase of 6.76% and a month-on-month increase of 8.20% [26][28]. - "Honkai: Star Rail" achieved a remarkable 290% increase in overseas revenue due to successful IP collaborations and updates [28]. 5. Investment Recommendations - The report suggests focusing on companies with rich license reserves, strong R&D capabilities, frequent quality IP collaborations, and stable content output capabilities, as the market shows steady growth potential [29].

近日，玩家起诉《王者荣耀》匹配机制案引起公众关注。 原告孙千和既是《王者荣耀》玩家，也是一名律师。她认为，《王者荣耀》的对局匹配机制不透明，可 能存在操控玩家胜率的情况，请求法庭判决腾讯公开《王者荣耀》的匹配算法。 此前，《王者荣耀》曾多次解释游戏匹配机制，并表示干预对局结果与胜率，对游戏并无好处。原告对 此表示，希望进一步公开游戏算法。 玩家起诉 8月12日，玩家起诉腾讯要求公开《王者荣耀》匹配机制案在深圳市南山区人民法院开庭，庭审结果未 宣布。 《中国经营报》记者从原告孙千和方面了解到，庭审从当日14时30分持续到21时30分左右，双方的争议 焦点集中于匹配算法是否属于商业秘密，是否应该被公开。 "原告在玩游戏过程中发现，《王者荣耀》的对局匹配机制十分不透明。当原告连胜几局之后，就会匹 配到很菜的队友和很强的对手，从而输掉下一局，甚至连输，输输赢赢如此反复，直到胜率趋近于 50%。"孙千和在起诉状中质疑《王者荣耀》匹配机制公平性。 据孙千和介绍，她在去年6月18日向法院申请立案，今年2月收到立案通知。起诉状显示，被告分别为 《王者荣耀》的出版和运营方深圳市腾讯计算机系统有限公司，以及研发方兼著作权拥有者腾 ...

Core Insights - The collaboration between Suzhou's cultural tourism and the game "Honor of Kings" has successfully attracted players to explore the city, enhancing their engagement with both the game and local culture [1][3][4] - The integration of historical elements and modern gaming has created a unique experience that resonates with younger audiences, transforming traditional tourism into an interactive and immersive adventure [3][8][9] Group 1: Cultural and Historical Integration - The event highlights the historical significance of Suzhou during the Three Kingdoms period, showcasing its economic and cultural prosperity, which is creatively expressed through the game [2][4] - "Honor of Kings" incorporates traditional cultural elements, such as Suzhou embroidery, into its game design, allowing players to connect with the city's heritage [2][5] Group 2: Economic Impact - During the summer event, Suzhou's theme parks and attractions experienced significant increases in visitor numbers and revenue, with Suzhou Amusement Park seeing a 14% increase in foot traffic and a 19.8% rise in revenue [5] - The collaboration has transformed linear tourism into a more comprehensive exploration of the city, enhancing the overall consumer experience and creating diverse engagement points [5][7] Group 3: Industry Trends - The partnership between gaming and cultural tourism reflects a growing trend where digital technology enhances traditional tourism, catering to consumer preferences for personalized and immersive experiences [4][8] - The event serves as a model for future collaborations, demonstrating how gaming can enrich cultural experiences and stimulate local economies [7][9] Group 4: User Engagement and Experience - Players reported a strong sense of immersion and engagement during the event, as they interacted with familiar game characters in real-world settings, creating a unique blend of digital and physical experiences [3][6] - The integration of game elements into everyday life has allowed players to experience the cultural richness of Suzhou in a novel way, enhancing their emotional connection to both the game and the city [6][9]

Core Viewpoint - The collaboration between the game "Honor of Kings" and Suzhou's cultural tourism is reshaping the interaction between the public and urban culture, enhancing the tourism experience through immersive and interactive elements [4][10][19] Group 1: Cultural and Historical Integration - The event highlights the historical significance of Suzhou during the Three Kingdoms period, showcasing its economic and cultural prosperity, which is creatively expressed through the game [6][10] - The game incorporates traditional cultural elements, such as Suzhou embroidery, into its character designs, promoting local heritage to a wider audience [6][10] - The integration of game characters with historical landmarks creates a unique experience for players, merging digital and physical worlds [7][14] Group 2: Economic Impact - During the summer collaboration, Suzhou's Forest World saw a 14% increase in visitor traffic and a 19.8% rise in revenue, indicating a positive economic impact from the event [13] - The partnership has transformed traditional linear tourism into a more exploratory experience, enhancing consumer engagement and diversifying spending opportunities [13][16] - The collaboration has led to a significant increase in foot traffic and sales in related businesses, demonstrating the economic benefits of merging gaming with cultural tourism [13][19] Group 3: Industry Evolution - The increasing frequency of collaborations between gaming and cultural tourism reflects a natural evolution driven by consumer preferences for personalized and immersive experiences [10][16] - The partnership serves as a model for sustainable and replicable systems in integrating digital entertainment with urban cultural experiences [14][16] - The event illustrates a shift from traditional IP collaborations to deeper cultural integrations, enhancing the emotional connection between players and the game [10][14]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [3][44]. Core Viewpoints - The report highlights optimism in sectors such as gaming, intellectual property (IP), artificial intelligence (AI), and film, indicating a favorable market outlook [1][3]. - The media sector is currently experiencing a resurgence, with AI applications gaining traction and cultural confidence being bolstered through content output [3][6]. - The report emphasizes the potential for significant growth in the AI application industry, particularly in public cloud services and user engagement scenarios [3][6]. Market Performance Overview - The media sector index rose by 1.00% last week, underperforming the CSI 300 index, which increased by 2.37%, resulting in a relative underperformance of 1.37% [7][10]. - The media sector's total market capitalization is approximately 178.65 billion yuan, with 140 listed companies [3]. Gaming Sector Insights - The gaming market shows positive trends, with high-frequency data indicating upward movement and favorable mid-year report expectations [3][15]. - Notable games such as "Peacekeeper Elite" and "Honor of Kings" continue to dominate the iOS sales rankings, reflecting strong daily active user (DAU) engagement [15][16]. Film Market Analysis - As of August 15, 2025, the film box office has reached 33.006 billion yuan, recovering approximately 85% of the pre-pandemic levels in terms of box office revenue [20][21]. - The average ticket price is reported at 32.6 yuan, with a total of 20.879 million viewers during the week of August 11-15, 2025 [21][26]. AI Sector Developments - The report notes the ongoing advancements in AI applications, with a focus on companies like Kuaishou and Youzan, which are expected to benefit from AI integration [3][29]. - The launch of new AI technologies and products by major companies like Huawei and Apple is anticipated to further drive growth in the sector [29][30][31]. Key Company Recommendations - The report suggests focusing on companies such as Tencent, Alibaba, Kuaishou, and Meitu, which are well-positioned to leverage the current market dynamics [3][6]. - Specific stocks like Giant Network, G-bits, and Perfect World are highlighted as potential investment opportunities within the gaming sector [3][6].